PETALING JAYA: Main Market-bound Well Chip Group Bhd has recorded a net profit of RM11.9mil for the first quarter ended March 31, 2024 (1Q24) on the back of revenue totalling RM54.8mil.
In a filing with Bursa Malaysia, the pawnbroker said RM20.96mil or 38% of total revenue came from its pawnbroking services segment while the remaining RM33.87mil or 62% was derived from its retail and trading of jewellery and gold business.
“The group recorded gross profit of RM23.31mil with gross profit margin of 42.5%, as well as pre-tax profit of RM16.57mil with pre-tax profit margin of 30%,” it said.
Well Chip, which is seeking to raise RM172.5mil with an initial public offering price of RM1.15 a share, is slated for listing on July 23.
Of the proceeds, RM124.3mil or 72% will be allocated as cash capital for its pawnshops, RM40mil or 23.2% for seven new pawnshops and the balance of RM8.2mil or 4.8% to defray listing expenses.